Tag: ADA

TradeRoom: Our Weekly Crypto Trades Analysis – Jun 13, 2022

Post author By David Haslop
Post date June 13, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

I’m BACK! I apologise to readers for my absence of late. Having a newborn is challenging enough and unfortunately we’ve had to make many hospital visits over the past month. But all is well!

Let’s get into it!

On April 11, I shared with you my thoughts around what I was seeing from BTC, and that was a huge bear flag forming (see image below) indicating further downside in the market. We have since dropped a further 40%. I do believe we are still likely to see an additional 20% drop from the current price level before we see a significant reversal. My first target to start scaling in on SPOT is US$20,000.

The TOTAL market cap is now down 65% from ATH, and I think in the coming days/weeks we will drop below the US$1 trillion valuation. On May 17 I shared the below chart showing another potential loss of over US$300 billion to US$500 billion, and you will see that the TOTAL has now shown a weekly close below its 200 EMA, which tells me the likelihood of this happening is getting higher.

Recent Performance

There have been two trades in particular that I’ve shared here numerous times that had great shorting potential: DOGE and ADA. These charts started back in December, if you’d like to take a look.

DOGE/USDT

DOGE is almost at my key Take Profit (TP) level of US$0.04, which will yield me a total of 730% profit from this entry using a 10x position.

ADA/USDT

An ADA target of US$0.18 is still on the table and at this point I will likely close my Short at around 800% profit using 10x leverage, and look to not only enter LONG positions but also scale into ADA on the SPOT market.

Current ADA chart

This Week’s Trades

I will absolutely NOT be entering new trades this week. We are mid-dump in a bearish market and it’s safer to stay out and just wait.

What I’ll be looking for are key levels on the daily and weekly charts for both BTC and ETH where I will enter SPOT positions and open longs. This is where patience is key.

If BTC and ETH both close a weekly candle at or below current levels, things will certainly go from bad to worse. Targets are outlined on the charts below.

Be patient, invest wisely and don’t stress. Crypto is still in its infancy of what it can accomplish!

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Tags ADA, Bitcoin, Dogecoin, eth

Crypto News Market Analysis The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – May 2, 2022

Post author By David Haslop
Post date May 3, 2022

Crypto Market Outlook

The TOTAL market cap lost US$100 billion over the weekend and is currently having a small retrace of that loss. I suspect this will be pretty short-lived, which would bring us to a very important last line of defence. If the TOTAL drops below US$1.58 trillion, there’s huge potential for a US$400 billion loss. This will undoubtedly hurt a lot of people, so please investigate stop losses and make sure you’re prepared for the worst-case scenario!

The BTC monthly closed just below that monthly support and has a window of opportunity to keep us in a ranging situation. Failing that, we get another bearish month and it’s anyone’s guess how low we could drop from here. If you zoom right out and take a good look at the monthly chart, you will see there’s really no structure between US$34,000 and US$14,000.

I’m putting forward some very bearish cases here and that does not mean it’s game over. There’s still opportunity for BTC to bounce, but it must happen above US$30,000! If that level breaks, then it will be a long winter in my opinion.

BTC is currently sitting on a weekly 100 EMA and some daily support. My bias is still that we see a bear flag that I wrote about last week play out over the next month or two. If so, ALTS will bleed hard.

Last Week’s Performance

ADA/USDT

ADA, like many others, is also at its last line of defence. I entered short last week and am now currently sitting at around 120% ROI. I’d like to see this trade reach approximately 800% in 10x.

DOGE/USDT

This entry was partially TA and partially luck! Last week I wrote about my thoughts on DOGE dropping 70%, then Elon decided to buy Twitter (as you do) and DOGE pumped. The luck part was that I didn’t enter right away and instead got in a short on the pump. I’m currently sitting at 170% ROI.

This Week’s Trades

TORN/USDT

I’ve been watching TORN since last week and have just entered a short trade today. Candlestick analysis is showing a lot of indecision at a crucial level of daily resistance. R:R looks good enough for me to enter.

TORN/USDT

TRX/USDT

A 2017 fan favourite, TRX, looks like it could be setting up for a short trade. It’s currently sitting at both daily 200 EMA and daily resistance. If we see BTC drop, this could present a prime entry for short trades.

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Tags ADA, Bitcoin, btc, Cardano, doge, Dogecoin, TORN, TRX, twitter

Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Apr 25, 2022

Post author By David Haslop
Post date April 25, 2022

Crypto Market Outlook

Let’s dive straight into Bitcoin!

In my last article I outlined my thoughts around BTC painting a very large Bear Flag, and nothing has changed since then. BTC has in fact continued to drop as expected and is currently sitting on a very important price level at US$39,000. Breaking this support will confirm a lower high and bearish market structure. We have seen a fake out above US$40,000 and above the 200 EMA that was short-lived.

*Image of BTC chart from my last article*

ALTs are bleeding out, BTC dominance is rising with BTC price action dropping, the SPX and gold are also down, and if momentum continues I see the crypto market losing up to US$500 billion.

I hope for everyone’s sake that I’m wrong but we need to stay realistic. I’m not out to upset folks with any FUD or purposely sharing a pessimistic view, but I do think people should be prepared. Plan for the worst, aim for the best. The last thing I want to see is entire communities losing 90%+ of their investments like we saw in 2018.

This Week’s Trades

Keeping with my short bias, I’m looking for coins with large volume and market caps to paint some very large drops, two of which I’ve mentioned here on numerous occasions.

DOGE/USDT

I still see DOGE dropping up to 70%, which for me as a leveraged trader on 10x can produce a 700% trade. Two clear rejections on a daily equilibrium supports this. My target for DOGE is US$0.04.

ADA/USDT

Just like DOGE, I can see a 70%+ drop for ADA coming. I’ve been talking about these two coins for some time and how they could be huge short trades when the time is right. I think we could be getting closer! This may upset some holders, but US$0.17 isn’t unrealistic.

TORN/USDT

TORN has seen some relatively bullish price action recently and held quite well while the rest of the market has struggled. That said, I think it’s time for a correction here and if the rest of the market does dump, TORN is one of those that will lose a high percentage. It’s possible to see a 60% loss with a US$18.00 target.

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Tags ADA, Bitcoin, crypto, Dogecoin, TORN

Blockchain Cardano Hydra Tokens

Cardano Exploring Token Burning Mechanism Similar to Ethereum

Post author By Jody McDonald
Post date March 22, 2022

The latest roadmap status update from Cardano suggests the blockchain may be investigating adding some form of token burning functionality, a feature that was added to Ethereum last year as part of the London hard fork update.

The Cardano update, released on its website on March 18, was vague about what is planned in terms of token burning, simply saying it was an option under consideration by the Hydra Team:

Finally, they inspected the options of token minting and burning within a Hydra Head along with scenarios of using tokens instead of datums.
Cardano status update

Confusion About Token Burning

The mention of token burning in this update was taken by some in the crypto industry to signal that Cardano founder Charles Hoskinson had dropped his known, long-standing opposition to token burning on the blockchain:

JUST IN: #Cardano is reportedly exploring a token burn mechanism according to its latest development update.
— Watcher.Guru (@WatcherGuru) March 19, 2022

However, close followers of Cardano emphasised that the update stated token minting and burning may be coming to the Cardano layer-2 scaling solution Hydra, not the main Cardano blockchain itself:

It's a token mint and burn solution within a hydra head, withint the context of tokeniziastion of Datums. Not an actual burning of ADA supply. Completely different
— DT (@Foxfan52) March 19, 2022

Hydra is a layer-2 scaling solution for Cardano currently under development. Matthias Benkort, a Cardano software engineer, describes it as “an off-chain mini-ledger between a restricted set of participants, which works similarly (albeit significantly quicker) to the on-chain main ledger”.

Token burning being restricted to Hydra implies that the overall supply of ADA, Cardano’s native token, won’t be reduced and therefore won’t cause upward price pressure for ADA investors.

Hoskinson Attempts to Clarify

Hoskinson himself weighed in on the debate, retweeting a suggestion that Cardano is exploring token burning on its main blockchain and adding a GIF of an exasperated-looking Jackie Chan to express his frustration with the confusion:

https://t.co/f9qU9xW5gl pic.twitter.com/KfaZEEBXrw
— Charles Hoskinson (@IOHK_Charles) March 19, 2022

Across the broader crypto market, token burning functionality has been implemented on many blockchains as a deflationary mechanism in order to increase token price. Last year, Binance burnt over 1.3 million BNB, at the time valued at almost US$400 million, in one of its quarterly token burns.

Tags ADA, Charles Hoskinson, token burning

Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Feb 21, 2022

Post author By David Haslop
Post date February 21, 2022

Crypto Market Outlook

Well, the market lost another US$250 billion this last week and is still not really showing any signs of strength. The TOTAL crypto cap is still trending down in this channel and if we don’t see a recovery soon, I anticipate we could lose another US$500+ billion. I know it’s not what people want to hear/read, but we have tried to give as much warning and caution as possible since November 2021 that the markets could get much worse, and they have with the TOTAL down US$1.3 trillion (43%).

BTC has broken the local uptrend I showed in last week’s article after hitting the retrace golden pocket on the fibs. To me this is the first confirmation that the recent uptick was nothing but a relief rally, as we have been saying for a couple of weeks now. The second confirmation I’m looking for is a new lower low (LL) on the daily timeframe. An anticipated 13%-23% drop is likely at this stage, taking us back to US$29,000.

Last Week’s Performance

In last Thursday night’s live market scan in Our TradeRoom we had an absolute banger! We found six amazing entries into short trades as a community effort to help each other WIN! I’ll show three here today:

KNC/USDT

We looked at KNC/USDT peaking out at a daily level of resistance which is generally a very strong level to break. With its solid risk-to-reward ratio, we jumped into this one there and then. For me at the time of writing, it’s currently on 160% profit on a 10x trade.

*My chart showing the current price action*

DASH/USDT

DASH showed us a textbook little double top at daily resistance. We entered this short and within minutes were already in profit. Doesn’t really get simpler than this. Currently sitting at 150% on 10x.

Dids’ chart from Thursday market scan

GALA/USDT

Again we see a beauty of a support/resistance flip here with a lower high (LH) capping out at the golden pocket fib level. Credit to “Typeguy” for finding this one! He’s pretty much a trade-finding machine! Currently 220% on 10x.

This Week’s Trades

ADA/USDT

I’m finally in! For those of you who have been following along, I have been waiting for this trade since November 2021 and first shared this here in an early December article. At the risk of repeating myself enough to annoy readers, this still looks primed for me! A potential 80% drop can be seen here on ADA, and if BTC continues to drop there’s absolutely no reason for people to think this can’t happen. I know A LOT of holders of this coin get quite upset when you post a bearish chart, but it’s important not to get emotionally attached to a coin when investing your hard-earned money.

TORN/USDT

Another one found in Thursday’s market scan is TORN. With a potential 50% drop, it’s one we’re keeping an eye on and some have entered already.

NOTE:

I just wanted to mention that in a lot of social media posts I see on Facebook, Twitter and even YouTube, there are A LOT of people sharing bullish charts and have been for months. It’s for this reason we continue to caution people when we’re seeing a bearish outlook despite the amount of negativity we receive. It’s incredibly important to not blindly follow ANYONE (myself included). I’ve seen too many people lose money as a result, so I encourage you to at the very least learn the basics before entering the markets. No matter where you decide to learn, please do it!

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Already Know How to Trade?

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The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.

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In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

Tags ADA, btc, DASH, GALA, KNC, TORN

Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Feb 15, 2022

Post author By David Haslop
Post date February 15, 2022

Crypto Market Outlook

The TOTAL cryptocurrency marketcap is sitting at US$1.9 trillion, which is where it was two weeks ago. It’s also still trending down in this big bearish channel keeping to a bearish market structure. What this tells me is we have seen the relief rally we alluded to in the last article but still not enough influx of capital to see a breakout into a new structure. It’s bearish until it’s not! A breakout of this channel and above the daily 200 EMA will add US$200 billion of capital back into the market. When this happens, we might get excited.

Bitcoin to me is still failing to show any real volume. Typical of a bear flag setup, we see a relief rally/dead cat bounce with lowering volume indicative of continuation to the downside. This relief rally has pulled BTC back to the 618 Fibonacci from the last swing, which as most of our trading room members now know is a common retracement level.

Until BTC breaks out above the daily 200 EMA and above US$53,000, the bear case seems much stronger than the bull.

Something else to note at the moment is the stability of the global economy. We have the stock market selling off while gold and oil surge. Big players are hedging, in my opinion, and with the threat of war in Eastern Europe, we’re seeing oil prices rise. As much as I’m somewhat a BTC maxi, I’m not sure it’s matured enough yet to become a hedge in times of uncertainty, like precious metals can be.

Last Week’s Performance

I’m currently still in quite a few short positions, which I’ve shared in our Facebook Group if you’d like to check them out. I’ll share a couple of wins and losses with you from the past week below.

XTZ/USDT

Textbook trade here. Entered short at resistance, took profit at support. Doesn’t get simpler than that! I took 70% of that position off the table and moved the stop loss into a positive position.

UNI/USDT

This isn’t necessarily a losing trade because it never reached our entry, but I thought I’d add this in here to show you can’t win them all. This UNI chart was in last week’s article showing a potential short trade, however we never reached that point and in hindsight we could have entered short from the 200 EMA line. Win some, lose some.

ENJ/USDT

Another basic yet effective trade was a short in ENJ. The rising price with lowering volume (just like BTC at the moment), sprinkled with some bearish divergence at resistance, revealed a nice, short entry point!

This Week’s Trades

There are two short trades in particular I’m eager for this week! I’ve been sharing information about them both for quite a while in our trading group.

DOGE/USDT

Again with DOGE!

I STILL see a potential 70% drop on DOGE, currently rising in price on lowering volume as well. I’m currently in a short on DOGE from US$0.16 and, as I’ve been saying, there’s NOTHING stopping a US$0.04 price target!

ADA/USDT

I’ve been writing about this trade since December 6, 2021, and still waiting! When this daily support level around the US$1.00 mark finally breaks, ADA could likely see an enormous drop up to 80%! In my opinion, this is highly likely if the BTC bearflag (mentioned at the start of this article) plays out.

Learn to Trade

We are giving away 3 months FREE TradeRoom (valued at $300) to those who join our Trading Fundamentals course starting February 28!

The Crypto Den’s Trading Fundamentals trading course is a LIVE interactive course designed to teach you how to trade the crypto markets from absolute beginner level!

We have taught thousands of students in the past five years how to trade these volatile and highly profitable markets. See our REAL reviews from REAL students.

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The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.

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Tags ADA, Bitcoin, btc, crypto, Dogecoin

Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Nov 29, 2021

Post author By David Haslop
Post date November 29, 2021

Crypto Market Outlook

Last week I touched on the US$600 billion drop in TOTAL crypto market cap. I warned that we could see some more selling pressure but there was no reason to stress or start panic selling. You can see below that the TOTAL crypto cap has indeed pulled back further to retest its current uptrend. So far it’s showing a bullish test with a long wick to the downside and a strong bullish engulfing candle on the daily timeframe.

With the projection of the TOTAL heading down in value, I suggested BTC would follow this formation and see further bearish price action. My target being US$51,000, we haven’t hit that price YET. So far BTC is showing some signs of strength and the bottom of this local downtrend MIGHT be in, so it would serve you well to expect a bounce here and plan your trades accordingly.

That said, we’re not out of the woods yet. While BTC is trending below that local downtrend line and forming lower lows/lower highs (bearish market structure), we could see it hit that suggested area of support at US$51,500.

What’s interesting about the US$51,500 level is the perfect storm forming. There are so many key identifiers converging in that one area. We have:

the 61.8% Fibonacci retrace level;
daily 200 Exponential Moving Average(EMA);
daily level of support;
daily uptrend;
daily Higher Low (excellent market structure);
all of which plays well into the Elliott Wave Theory of market cycles.

It’s almost the perfect trade setup and something we discussed in last Thursday’s market scan in the TradeRoom. You can catch a sneak peek on our YouTube channel.

Last Week’s Performance

SAND/USDT

Last week in the TradeRoom, we were watching a lot of these Metaverse coins and SAND did not disappoint. I showed a bullflag forming on the 4H chart and was personally hoping to see a test of previous support and uptrend, but SAND didn’t want to wait. Breakout from the bullflag boasted a 120% push to the upside!

LRC/USDT

Like SAND, LRC didn’t want to wait for another test on support. Breaking out of a falling wedge identified by one of our team leaders, Pete, last week LRC sported a 60% bullish push and currently seems to be forming a new bullish market structure.

GALA/USDT

Trade of the week has to go to TCD team leader Pete for his massive GALA trade! With 10x leverage (considered a safe leverage for experienced traders), Pete’s profit is currently over 2000% while a spot trade would give a massive 262% from entry. Pete is a pattern trader and often enters trades based off certain chart patterns. In this case, he has seen a symmetrical triangle bullish continuation pattern.

This Week’s Trades

ADA/USDT

ADA has been trending down since the start of September and is really starting to come into some key levels here. This trade might play out this week or even over the next two weeks, but it’s certainly worth mentioning.

You can see in the chart below that ADA has currently found some bullish price action at the US$1.45 level of support. We could see a decent 30% push here, which would be great, and MAYBE even a breakout of the downtrend. However, I’m looking a little further ahead. If ADA rejected off the downtrend and pushed further below, the next, and likely last, level of support before revisiting US$0.30 is at the US$1 level.

This is a major level of both tested and psychological zone of support, and I’d expect to see some big money flow happen around here because failing to rally at US$1 would absolutely nuke ADA’s price action.

THETA/USDT

Another coin to keep an eye on is THETA. This is such a good coin to trade and will require a bit of patience to find the right entry.

After a period of consolidation, I’m looking to enter LONG/BUY at the RETEST of a breakout. This will of course highly depend on what BTC does this week, and it may stay in a consolidation zone a little longer. Nevertheless, it’s one to add to your watchlist.

OMG/USDT

OMG could be coming into a key area of daily support, and is likely a rally point if BTC can behave a little. If OMG can push from US$7 and reclaim its previous high of US$17, we’ll see 150% growth. Another one to add to the watchlist.

OMG/USDT

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Tags ADA, btc, GALA, LRC, OMG, SAND